Announce Car Loan | Cancel car loan
June 17, 2019
Termination of car loan to be considered.
If you finance your car with a loan, you can dissolve it according to the legal deadlines. This is recommended if a borrower has the necessary capital or if a cost-effective alternative financing appears unexpectedly. But also the credit institutions have a say. Car loans are installment loans in which the insurer grants the right to a prepayment.
This comes into effect after three months, from then on, the borrower can present a declaration of termination in writing. For a further three months, there is a deadline. The termination of a loan has the disadvantage that the house bank does not raise the interest payments still due. The borrowers only have to pay the remaining debt. Before taking out a car loan, car buyers should examine this aspect in the contractual terms.
Those who can transfer the money immediately will in most cases have benefited from a letter of termination. If borrowers on the capital market find a more favorable service offer, they should compare the benefits of the interest rate with the processing charge incurred. In addition, interest rates on car finance are highly dependent on the ECB. Borrowers should then seek financing at all costs.
In addition, the loan company has a callable. However, unlike the borrower, he can only partially understand these. This applies if a house bank requests two consecutive partial payments in writing. The Borrower will have three months to pay the balance after the Termination Letter.
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